AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
FEMA 1999 regulates foreign exchange in India, empowering RBI to frame rules on capital and current account transactions, with penalties up to thrice the sum involved.
Entities with foreign investments must file FLA returns, FC-GPR, FC-TRS, and LLP reports on the RBI’s FIRMS portal by prescribed deadlines, with Business User registration required.
Indian residents investing in UAE businesses must comply with ODI norms and LRS limits, including net worth caps, AD bank reporting, and UIN requirements.
RBI prohibits rebooking of cancelled INR forex derivative contracts, lowers unhedged position threshold to USD 5 million, and mandates enhanced disclosure by end-users.
The Reserve Bank of India has mandated exporters to file an Electronic Declaration Form (EDF) with designated banks for all export transactions starting October 1, 2026.
The Institute of Chartered Accountants of India removed a CA's name from the register for one year for failure to report material financial irregularities and going concern risks in an audit.
The Himachal Pradesh High Court held that admission of a signature on a blank cheque raises a legal presumption of liability under Section 139 of the Negotiable Instruments Act, 1881. The accused must rebut this presumption to avoid conviction.
The ITAT has quashed the reopening of an assessment due to insufficient reasons disclosed by the AO, holding that the reopening must be based on tangible material and not mere suspicion.
The ITAT has deleted an addition of ₹30 lakh arising from a survey surrender statement, holding that an uncorroborated oral admission during a survey cannot form the sole basis for a tax addition without supporting evidence.
The ITAT has deleted an addition of ₹3.89 crore under Section 56(2) of the Income Tax Act, holding that the anti-evasion provision does not apply to transfers of leasehold rights, which are distinct from land or building transactions.
Finance Minister Nirmala Sitharaman has indicated that the government is open to reviewing the long-term capital gains (LTCG) tax regime ahead of the Budget 2027, amid growing calls for reform from investors and industry stakeholders.
The ITAT has deleted an addition of ₹2.45 crore on account of in-house R&D deduction, holding that the Assessing Officer (AO) exceeded the scope of limited scrutiny by raising issues not specified in the notice under Section 143(2) of the Income Tax Act.
ITAT deletes ₹2.45 crore addition on R&D expenses, holding AO exceeded 'limited scrutiny' scope without prior approval for new issues.